The euro’s inevitable failure will be horrendous for all of us

On my desk as I write are two banknotes – £20 sterling and 20 euros. On the former is a picture of the Bank of England, the signature of Andrew Bailey, its Chief Cashier, and the head of the Queen. The euro note also carries a signature. It is illegible but, since it comes under the letters “ECB” (European Central Bank), perhaps it is that of Jean-Claude Trichet, the bank’s President.

There is no picture of a financial location, and nobody’s head. Instead, one side of the euro note depicts a couple of gothic windows, and the other, beside the map of Europe, a fine old bridge.